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Nigeria’s Oil Output Falls to 1.58 Million Barrels Per Day in September

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Nigeria’s Oil Output Falls to 1.58 Million Barrels Per Day in September

Nigeria’s crude oil and condensate production declined to an average of 1.581 million barrels per day (bpd) in September 2025, according to new data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Saturday.

The report showed that crude oil accounted for 1.39 million bpd, while condensate output stood at 191,373 bpd. The figures represent a marginal decline from August levels and signal a temporary setback in the country’s upstream sector performance.

Industry observers note that the dip in output could be linked to ongoing operational challenges in key production zones, including pipeline disruptions, crude theft, and maintenance work on certain facilities. The development comes at a time when Nigeria is seeking to stabilise production and meet its OPEC+ quota following months of gradual recovery.

The decline also coincides with new market shifts, as OPEC+ recently announced a modest production increase scheduled for November — a policy move that has already influenced global crude prices.

Earlier reports from Nairametrics indicated that Nigerian crude grades have traded lower since the cartel’s announcement, reflecting broader market uncertainty and the sensitivity of domestic pricing to global supply adjustments.

Despite the dip, the NUPRC maintains that Nigeria remains committed to ramping up production through enhanced surveillance, improved asset management, and renewed partnerships with international oil companies.

Nigeria, Africa’s largest oil producer, continues to rely heavily on crude exports as its main source of foreign exchange, making output stability a key factor in sustaining fiscal balance and economic growth.

EFCC Investigates Two Travellers for Undeclared Foreign Currency at Lagos Airport

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EFCC Investigates Two Travellers for Undeclared Foreign Currency at Lagos Airport

The Economic and Financial Crimes Commission (EFCC) has launched an investigation into two travellers intercepted at the Murtala Muhammed International Airport, Lagos, for failing to declare foreign currency amounting to $6,180 and £53,415.

According to a report by Nairametrics, the individuals were stopped during routine checks by security operatives at the airport’s departure area. The funds, discovered during inspection, were not declared to the relevant authorities as required under Nigeria’s Money Laundering (Prohibition) Act and Central Bank regulations governing cross-border currency movement.

Preliminary findings indicate that the travellers were preparing to board an international flight when the undisclosed cash was detected. EFCC operatives subsequently took them into custody for questioning to determine the source and purpose of the funds.

The Commission stated that the investigation aims to establish whether the money was intended for legitimate use or linked to possible money laundering or foreign exchange violations. The suspects are expected to provide statements as part of ongoing inquiries.

The EFCC reiterated its commitment to enforcing financial transparency and compliance with foreign currency declaration laws, warning that travellers who fail to declare cash or attempt to move funds illegally across borders will face prosecution.

Under Nigerian law, individuals transporting foreign currency exceeding $10,000 or its equivalent must declare it to the Nigeria Customs Service before departure or upon arrival. Failure to do so constitutes an offence under both customs and anti-money laundering regulations.

Security Officers Arrested at Lagos Airport with Over $6 Million in Undeclared Cash

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Security Officers Arrested at Lagos Airport with Over $6 Million in Undeclared Cash

Authorities at Murtala Muhammed Airport Terminal 2 (MMA2), Lagos, have detained several security personnel who were intercepted while attempting to board a domestic flight with more than $6 million in undeclared cash.

According to airport sources, the suspects were discovered carrying multiple boxes filled with U.S. dollars when airline security staff raised concerns during routine baggage screening. Their attempt to board the flight drew the attention of aviation security officers, who immediately initiated a secondary inspection.

Following the discovery, the individuals were taken into custody and handed over to the Department of State Services (DSS) for preliminary interrogation. The case has since been transferred to the Economic and Financial Crimes Commission (EFCC) for detailed investigation.

Officials familiar with the incident said the large volume of foreign currency and the failure to declare it raised suspicions of possible money laundering or illegal cash movement. Investigators are working to determine the source of the funds, the intended destination, and whether the act was part of a broader syndicate operation.

As of press time, neither the DSS nor the EFCC has released the identities of the suspects or issued an official statement on the arrest. However, airport security authorities confirmed that the money and the seized boxes are now in the custody of the anti-graft agency pending further examination.

The incident underscores growing concerns over cash smuggling through Nigeria’s airports, despite stringent financial reporting and anti-money laundering regulations that require declaration of any cash exceeding $10,000 or its equivalent before travel.

CBN Issues Draft Guidelines Mandating Instant Refunds for Failed ATM Transactions

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CBN Issues Draft Guidelines Mandating Instant Refunds for Failed ATM Transactions

The Central Bank of Nigeria (CBN) has released new draft guidelines that will require banks and other financial institutions to provide instant refunds to customers for failed Automated Teller Machine (ATM) transactions.

The proposed framework, issued on October 9, 2025, aims to enhance consumer protection, strengthen public confidence in electronic payment channels, and promote accountability across the nation’s financial services sector.

According to the circular signed by Musa I. Jimoh, Director of the Payments System Policy Department, the policy is directed at deposit money banks, payment service providers, card schemes, and independent ATM operators. It outlines measures to improve response time, transparency, and dispute resolution in cases of unsuccessful cash withdrawals or card debits without value.

The apex bank stated that the move aligns with its broader commitment to modernising the payments ecosystem and reducing friction in customer transactions. It added that the new standards are expected to significantly reduce customer complaints related to delayed reversals and transaction errors.

Under the proposed guidelines, institutions will be required to automate refund processes, ensure system interoperability, and establish monitoring mechanisms that guarantee real-time reconciliation between issuing and acquiring banks.

The CBN has invited stakeholders to review the draft and submit feedback on the provisions by October 31, 2025, after which the final document will be published and implemented.

Once approved, the policy will represent a major step in reinforcing trust in Nigeria’s banking infrastructure, particularly for millions of customers who rely on ATMs for daily financial transactions.

UK Expands Temporary Work Visa Scheme, Lists 82 Eligible Occupations

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UK Expands Temporary Work Visa Scheme, Lists 82 Eligible Occupations

The United Kingdom government has released an updated list of 82 occupations eligible for temporary work visas under its Shortage Occupation Scheme, as part of ongoing efforts to attract skilled workers and address labour gaps across key sectors of the economy.

The updated list, published by the Home Office, outlines roles across health, engineering, construction, agriculture, education, and technology that now qualify for streamlined visa applications. The revision aims to ensure that employers facing domestic skill shortages can recruit qualified professionals from abroad to fill critical positions.

Among the newly listed occupations are civil engineers, software developers, medical practitioners, veterinarians, chefs, welders, care workers, and secondary school teachers in specific subjects. The eligibility extends to temporary work routes under the Seasonal Worker and Skilled Worker categories.

Under the new arrangement, eligible applicants will benefit from simplified visa processing, reduced application fees, and flexibility in sponsorship requirements. However, employers must still meet compliance conditions and demonstrate that recruitment efforts within the UK labour market have been exhausted before hiring foreign staff.

Government officials said the policy update reflects the UK’s commitment to maintaining a balanced approach—supporting economic growth while ensuring that immigration remains targeted and skills-based.

The Shortage Occupation List is reviewed periodically in consultation with the Migration Advisory Committee (MAC) to align with labour market needs and emerging economic priorities.

The Home Office added that the updated list will take effect immediately, providing opportunities for skilled professionals from across the world to contribute to the UK’s workforce under regulated temporary visa conditions.

Akpabio Urges Nigerian Youths to Stay Hopeful, Support Ongoing Reforms

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Akpabio Urges Nigerian Youths to Stay Hopeful, Support Ongoing Reforms

Senate President Godswill Akpabio has called on Nigerian youths to remain hopeful about the nation’s future and to sustain faith in the government’s ongoing reforms designed to foster national growth and stability.

Speaking during an interactive session with young Nigerians in Abuja, Akpabio emphasised that the country’s current transformation efforts require the active participation, creativity, and optimism of its youth population.

He urged young people to adopt a positive outlook, take responsibility for driving development within their communities, and recognise their vital role in shaping the nation’s progress.

“The future of Nigeria lies in your hands,” Akpabio said. “Every generation has its own responsibility, and yours is to build on the foundation being laid through ongoing reforms. Do not lose hope—believe in your potential and in the brighter days ahead.”

The Senate President reaffirmed the National Assembly’s commitment to supporting youth empowerment through policies that encourage innovation, entrepreneurship, and access to education. He also highlighted the importance of unity, discipline, and civic responsibility as key factors in national development.

Akpabio’s message follows renewed public discussions on the economic and social challenges facing young Nigerians, including unemployment and the high cost of living. He maintained that the government’s reform agenda, though demanding, is intended to create a more sustainable and prosperous economy in the long term.

The session concluded with calls for continuous dialogue between government institutions and youth groups to ensure inclusive participation in national policymaking.

Over 3,000 Youths Attend LinkedIn Local Lagos as Speaker Urges Focus on Building Generational Wealth

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Over 3,000 Youths Attend LinkedIn Local Lagos as Speaker Urges Focus on Building Generational Wealth

More than 3,000 young Nigerians gathered in Lagos for the latest edition of LinkedIn Local Lagos, themed “Evolving Beyond the Narratives,” where participants were urged to redefine wealth as a force for long-term impact and generational transformation.

Speaking at the event, the keynote speaker delivered an address titled “Creating Wealth That Transforms Generations,” encouraging participants to see wealth beyond financial accumulation and to focus instead on developing knowledge, ideas, skills, relationships, and trust.

“Wealth isn’t just money,” the speaker said. “It is the ability to attract and manage resources for lasting impact. If you build a wealth of knowledge and strong networks, the financial rewards will follow.”

The presentation centred on three key principles: systems, strategy, and significance.

Under systems, attendees were advised to understand their environment and invest in continuous learning, as knowledge remains the foundation of opportunity.

For strategy, the message was clear — success should be built through courage, commitment, and consistency, not by chasing shortcuts. “Don’t chase the need to ‘blow’; focus on building something that lasts,” the speaker told the audience.

The third principle, significance, highlighted the distinction between personal success and societal impact. “Success is personal, but significance is about impact. True wealth must be repeatable and transferable across generations,” the speaker added.

The session concluded with a reminder that wealth creation is not a matter of luck but of structure, strategy, and service — a philosophy that resonated strongly with the event’s young professionals and entrepreneurs seeking sustainable paths to growth and relevance.

Nigeria Achieves Milestone as Locally Made Solar Panels Are Exported to Ghana

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Nigeria Achieves Milestone as Locally Made Solar Panels Are Exported to Ghana

Nigeria has recorded a historic milestone in its renewable energy sector as Levene Photovoltaic Technologies, in collaboration with the Rural Electrification Agency (REA), successfully exported locally manufactured solar panels to Accra, Ghana.

The landmark achievement marks the first time Nigeria is exporting domestically produced solar panels, positioning the country as a rising force in Africa’s clean energy manufacturing landscape.

The shipment, produced at Levene’s state-of-the-art photovoltaic assembly plant in Nigeria, underscores the growing capacity of the nation’s renewable energy industry to not only meet local demand but also compete within regional markets.

Speaking on the development, REA Managing Director Ahmad Salihijo Ahmad commended the partnership as a demonstration of Nigeria’s commitment to sustainable development and technological innovation. He noted that the success reflects the government’s vision to promote local content, expand renewable energy access, and create jobs through industrialization.

“This milestone proves that Nigeria can lead Africa’s clean energy transition by leveraging local expertise and infrastructure,” he said. “Our collaboration with Levene Photovoltaic Technologies shows what’s possible when the public and private sectors work together to build capacity and drive export growth.”

Levene Photovoltaic Technologies, one of Nigeria’s foremost renewable energy manufacturers, has invested heavily in research, workforce training, and modern production facilities to meet global standards. The company’s export to Ghana, officials say, is only the beginning of a broader plan to supply solar technologies to other West African countries in support of regional electrification goals.

Industry experts have lauded the export as a strategic step toward energy independence, regional trade integration, and environmental sustainability. They also noted that it could inspire confidence among investors seeking opportunities in Nigeria’s growing renewable energy market.

With this development, Nigeria joins a small but expanding group of African nations capable of producing and exporting solar technologies, reinforcing its ambition to become a hub for green innovation and manufacturing on the continent.

The achievement aligns with the Federal Government’s Energy Transition Plan (ETP), which targets universal energy access and a net-zero emissions pathway by 2060.

South Africa Secures $13.3 Billion EU Investment to Drive Clean Energy and Infrastructure Development

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South Africa Secures $13.3 Billion EU Investment to Drive Clean Energy and Infrastructure Development

South Africa is set to receive a $13.3 billion funding package from the European Union (EU) to accelerate its transition toward clean energy, modern infrastructure, and pharmaceutical innovation.

The agreement, announced as part of the EU’s Global Gateway Initiative, aims to support South Africa’s ambitious green transition agenda by investing in renewable energy generation, grid expansion, energy storage, and green hydrogen development — a key sector in the global shift to sustainable energy sources.

According to EU officials, the multi-billion-dollar investment will also back strategic infrastructure upgrades, strengthen local manufacturing, and promote the development of the pharmaceutical industry to boost health resilience across the region.

The funding represents one of the largest EU financial commitments to an African nation under its climate and sustainable development framework. It underscores Europe’s confidence in South Africa’s potential to lead the continent’s energy transition and reduce dependence on coal while advancing economic growth and job creation.

South African authorities welcomed the initiative, describing it as a transformative partnership that aligns with the country’s Just Energy Transition (JET) strategy — a long-term plan to ensure an equitable move from fossil fuels to cleaner, more inclusive energy systems.

“The EU’s support demonstrates a shared commitment to sustainability, innovation, and inclusive growth,” an official from South Africa’s Department of Mineral Resources and Energy said, noting that the collaboration will also help improve energy security and attract further private sector investments.

Experts believe the funding will play a critical role in addressing South Africa’s persistent energy challenges by modernizing the power grid, scaling renewable capacity, and expanding access to affordable electricity.

With the deal, South Africa cements its position as a key player in Africa’s green transition efforts, while strengthening its economic and diplomatic ties with the European Union — a partnership that continues to drive the continent’s path toward a sustainable and resilient future.

IMF Reaches Staff-Level Agreement with Ghana on Fifth Loan Programme Review

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IMF Reaches Staff-Level Agreement with Ghana on Fifth Loan Programme Review

The International Monetary Fund (IMF) has announced that it has reached a staff-level agreement with the Government of Ghana on the fifth review of its ongoing $3 billion Extended Credit Facility (ECF) programme.

Once the agreement receives formal approval from the IMF’s Executive Board, Ghana will gain access to approximately $385 million, bringing total disbursements under the programme to more than $2.8 billion since its inception in 2023.

In a statement released on Friday, the IMF commended Ghana’s continued progress in restoring macroeconomic stability, despite persistent challenges such as inflationary pressures, exchange rate volatility, and fiscal constraints. The Fund noted that the Ghanaian authorities have remained committed to key reforms under the ECF arrangement, including fiscal consolidation, debt restructuring, and structural reforms aimed at improving governance and revenue mobilization.

According to the IMF mission chief for Ghana, the agreement reflects the country’s strong policy performance and determination to rebuild economic resilience, adding that significant progress has been made toward stabilizing the economy and restoring investor confidence.

The $385 million tranche, once disbursed, is expected to bolster Ghana’s foreign reserves and provide crucial budgetary support as the country continues to recover from recent economic shocks and global financial pressures.

The Ghanaian government also expressed optimism about the agreement, describing it as a “milestone achievement” that reinforces its commitment to responsible economic management and sustained recovery.

Finance analysts say the approval of the fifth review will further strengthen Ghana’s position in global markets, improve its credit outlook, and support the government’s medium-term plan to reduce inflation, stabilize the cedi, and stimulate inclusive growth.

The IMF’s Executive Board is expected to meet in the coming weeks to finalize the review and authorize the next disbursement, marking another critical step in Ghana’s partnership with the Fund to ensure long-term economic stability and fiscal sustainability.

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